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Home Depot's Marketing Strategies

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Home Depot current marketing strategy consist of a strategic plan in four different areas of the business. Home depot expects to follow changing trends and implement strategies that would allow them to sustain competitive advantage, in the retail home improvement industry. The areas of concentration are prices, products, promotions and the place where products would be distributed (Panmore.com, 2017). Home depots marketing strategy is to offer for a more innovative experience that target customers (Panmore.com, 2017).

Home depot offers customers a host of home improvement household brands. They are able to offer these products through collaborations with third party suppliers as well as their own brand of products. Home depot also provide
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Lowe’s has two different design layouts for their stores. One of their layouts that cater more to the larger metropolitan markets while the other layout is smaller an intended more remote location areas. The sizing of the store depends on which area and group that they are trying to reach. Stores that are owned by Home Depot stock product quantity amounts from 35,000 to 45,000 in a year for their stores (encyclopedia.com, 2017.)These products include power tools, painting materials, plumbing materials, electrical materials, appliances, gardening materials, landscaping items, and more. On the contrary, Lowes has a large number additional products in their store that include home décor items, home repair materials, home maintenance, and more that can be specially ordered (encyclopedia.com,

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I think the Home Depot is a stronger than Lowe’s, because the Home Depot is number one-largest hardware chain and Lowe’s is second-largest hardware chain in U.S. and Globally. They both have about the same number of store, but The Home depot is more profitable than Lowe’s. If you compare a Home depot revenue, operating income and free cash flow Lowe’s only generates about half of a what home depot is generating. That’s because Home depot leans more toward the professional contractor – who buy higher value items and Lowe’s leans more toward the homeowner. The Home Deport current Ratio is 1.32 and Lowe’s 1.0 that means that Home Depot has 1.32 to cover there $1.00 liabilities, and Lowe’s has 1.0 cover $1.00 liabilities.

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Hill, C. W. L., Jones, G. R., & Schilling, M. A. (2015). Strategic management: An integrated approach. Stamford, CT: Cengage Learning. "Home Depot seeks strategies for surviving 2009. " Hardware Retailing, Apr. 2009, p. 19.

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Annual Reports and Press releases The annual reports and press releases of both companies slightly differ though with a portion of similarity. Although, Home Depot’s annual report is composed at the headquarters of giving an inclusive report on all of the retail stores in the world, through the company’s website these reports posted can be found. Therefore, this being impartial and all-inclusive to an extent of analysis it would have to be done on the contrasts, similarities, profitability, and performance of different retail stores in different regions or countries. However, the shareholders and customers analyze the summary provided to know the general performance.

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When I wish to do home improvement or purchase home materials, I think of Lowes or Home Depot. I also think about Sherwin Williams, Builder’s Supply, and Ace Hardware. While I was looking for further information on Lowes, I discovered that Lowes has done a great job and is number two in the home improvement industry. To be truthful, my class project for my Financial Statement Analysis was on Home Depot and Lowes. I got a good idea about where Lowes was financially, but I thought I’d like to know more about their business side as well.

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Introduction The home improvement business is a developed industry that trade in a collection of household repair and maintenance products like hardware, tools, electrical goods, lumber, and merchandise for construction and renovations (Dart, 2017). However, the entity entails a broad range of competitive landscape such as numerous house enhancement warehouse chains and lumberyards that operate within the firm’s market segment. As such, major competitors of Lowes include Home depot which is the biggest retail store in the United States with stores in all the fifty states, Menards with over three hundred outlets in fourteen states, Wesfarmers that dominates Australian hardware and home improvement industry, and Woolworth firm (Dart, 2017). Besides, traditional hardware, plumbing,

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Companies all over the globe will experience some sales and profit decrease. Home Depot in the growing housing industry benefited greatly from the houses being built. The accounting concept portrayed in this situation for home depot is called operating leverage. Operation leverage is when managers view a small change in revenue and magnify it to dramatic changes in revenue (Edmonds, Tsay, & Olds, 2011). With a decrease in the market for construction materials, Home Depot is experiencing a 3% decrease revenue and a 21% decrease in profitability.

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While choosing a saw to purchase, products are presented with their shipping information and availability in the nearest store. Therefore, customers might reconsider in buying certain items. Both companies have an adequate amount of information within each product. However, Home Depot’s design is not presented as efficiently as Lowe’s. The checkout page is not divided to steps.

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Two major companies in the home improvement industry when thinking of branding are The Home Depot, and Lowe’s they are the clear market leaders in the home improvement industry today. Both can succeed, because they have set different images that appeal to different consumer segments namely male and female, and it starts with store layout of both their brick and mortar locations and their online stores. The Home Depot’s design is more tailored to appeal to customers such as contractors and skilled .laborers. The Home Depot has more of a rough layout that calls for these workers. While they’ve tried to soften this image lately with more staff female and better accessibility to items, the store still has its maleness appeal.

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Key Elements Of Home Depot Business Strategy Home Depot is focusing

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According to The Home Depot’s 2013 Annual Report, their product portfolio strategy is aimed at delivering innovation, assortment and value. A typical The Home Depot store stocks approximately 30,000 to 40,000 products during the year, including both national brand name and proprietary items. The Home Depot also offers over 700,000 products through The Home Depot and Home Decorators Collection websites. Throughout fiscal 2013, The Home Depot invested in their website to allow customers to more easily find and purchase an expanded array of products and provide them with flexibility and convenience for their purchases. Over 30% of The Home Depot online orders are picked up in a store, and many of The Home Depot customers research products online

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Home Depot holds the dominant position in the U.S. home improvement industry, accounting for approximately 60% of all revenues. In November 2015, Home Depot acquired Interline Brands from 1.63 billion in cash (Orland, K., 2015). “The Jacksonville, Florida-based company markets and distributes products including Barnett pro contractor supplies and Wilmar janitorial equipment through 90 locations in the U.S., Canada and Puerto Rico” (Orland, 2015). Buying Interline is a huge boost to Home Depot’s efforts to sell more supplies to customers in the building and maintenance professions. The acquisition of Interline will allow Home Depot to continue to expand globally as well.

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For the business-level, Trader Joe’s adopted a differentiation focus strategy. According to our textbook with this strategy, Trader Joe’s seeks to differentiate in its target market. They rely on providing better service than broad-based competitors. Specifically, they focus on the special needs of the buyer in other segments (Dess, Page 159). Joe’s differentiates its self from other grocers by providing a unique shopping experience fortified with their private label goods and great service from their crew members.

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